World Bank to provide $300m loan to Punjab govt

By: News Desk      Published: 07:42 PM, 2 Jan, 2021
World Bank to provide $300m loan to Punjab govt

The World Bank will provide a loan of $300 million for the Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE), reported 24NewsHD TV channel.

The loan is the first instalment of a $14.43b loan that will be provided by the World Bank by 2025, the TV channel reported.

The loan will be directly provided to the Finance Department and seven other departments of Punjab government including P&D, Board of Revenue, Punjab Revenue Authority, PEPRA, Punjab Information Technology Board and Local Bodies Department and Excise and Taxation Department of Punjab government’s development projects.

The programme aims to help the Punjab government to increase its revenue and to improve the reliability of resource allocation and access to digital services for people and firms in the province.

It is pertinent to note that World Bank signed an agreement with Pakistan on December 16, for a loan of $300 million for the Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE).

Economic Affairs Division Secretary Noor Ahmed signed the agreement on behalf of the government of Pakistan while the representative of Punjab government signed the operational agreement. World Bank Country Director Najy Benhassine signed the agreement on behalf of the World Bank.